Bitcoin

Bitcoin suitcase eats your pocket change, spits out digital currency

"A hacker called Garbage was milling around outside of the Rio convention center showing off the invention to fellow Bitcoin enthusiasts. 'Most people know about Bitcoin, but they don't have it,' he said, hailing from Kalamazoo, Michigan with his group TwoSixNine, which built the device for around $250 using a Raspberry Pi microcomputer and a portable 4G modem. It takes in your spare change through a metal coin slot, checks the current exchange rate on Bitcoin trading post Mt. Gox, and prints out a QR code on receipt paper, which contains the cryptographic hash you can use to redeem your digital gold nugget." Continue reading →

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Bitfury 400 GH/s Bitcoin Mining Rig Hits US Shores; $19,250 For August Delivery

"With hundreds of units expected to land in Europe and the Americas this month, Bitfury products represent the most advanced chips to hit mass production and will significantly change the bitcoin mining landscape. Bitfury ASIC chips use a 55nm process and are sold running at an estimated 1.56 GH/s per chip, with demonstrated performance up to 2.7 GH/s. Although they are clocked slower than Butterfly Lab’s 4 GH/s chips, they will run 4x more efficiently at 0.8 Watts/Ghps. Power efficiency will be a deciding factor in a bitcoin miner’s longevity as profitability narrows with increasing difficulty." Continue reading →

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A Stainless Steel Bitcoin Wallet

"This project is to make your own Stainless Steel Bitcoin Wallet. You'll need a plate of stainless steel. About 3x6 inches. You'll need a DC power supply of some sort. I used a fairly large bench-top version, but you can use just about anything. It just might take longer to etch. Anywhere from a 9 volt battery (maybe) to a wall-wort, to a hacked ATX." Continue reading →

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Local traders unmoved by SEC Bitcoin warning

"'The short answer is that financial scams are everywhere and it pays to be cautious about any investment and ensure that you understand it and trust those operating it, before giving them your dollars or your Bitcoins,' said Tulsa Bitcoin trader Ryan Underwood. 'This question of where to place confidence is not a Bitcoin-specific issue but a problem with all investments that make future promises in exchange for taking investor money in the present,' Underwood said. 'The SEC did not protect investors from Madoff despite numerous whistle-blowers coming forward in advance. Only their own diligence could have protected them.'" Continue reading →

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Jeffrey Tucker on a Bitcoin Standard, The Hard Money Crowd, and Once-and-Future Conferences

"Shownotes for Episode 28 - Ponzis, Malware, and the Hashing Cartel: ASIC’s or Botnets? What’s the Long Term Solution to our Medium Term Problems? Why isn’t it simple to be a miner? Jeffrey Tucker and I talk about a Bitcoin Standard, The Hard Money Crowd, and Once-and-Future Conferences; Can Validation Nodes Be The Solution to Centralization? How do I Get Paid in Bitcoins?" Continue reading →

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Hedging Bitcoin Mining Investments with Network Difficulty Futures

"One of the primary risks for a bitcoin miner is the time required to obtain hardware and the notion that with an exponentially growing bitcoin network, every extra delay dramatically affects the ROI of the would-be miner. Entering into a futures contract could mitigate a significant amount of that risk. One place to find such products is iCBIT, a bitcoin and bitcoin derivatives exchange. Those who buy a contract would benefit if the network difficulty increases more than expected by the expiration date and those who sell a contract would benefit if the network difficulty increases less than expected." Continue reading →

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Khan Academy now accepts bitcoin donations

"Khan Academy is a non-profit aimed at providing a free, world-class education for people everywhere. They offer free online educational materials (e.g., instructional videos, practice exercises, dashboard analytics, teacher tools) that support personalized education for users of all ages. They have lessons on topics including math, science, finance, history, and even bitcoin. When you donate, you’ll even earn a special badge on your Khan Academy profile." Continue reading →

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The True Value of Bitcoin

"As a digital asset, the first widely adopted use of bitcoin was as a safe and secure store and transfer mechanism for fiat currency value. This is how most people think of and use Bitcoin today, as a substitute for money, but it is an inadequate classification. Bitcoin replaces the traditional chain of title in property law. The bitcoin protocol secures a party’s interest in an asset in an identifiable and secure manner, and provides a transparent set of rules and enforcement mechanisms so that all parties are held equally accountable. It does all this without any reliance on financial, regulatory, or judicial authorities. Truly, bitcoin is code as law." Continue reading →

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How Bitcoin Works Under the Hood

"The goal of this video is to explain how Bitcoin works under the hood, to give a clearer idea of what it really means to own, send or 'mine' Bitcoins. First, a brief high-level overview of what Bitcoin is. At its core, Bitcoin is just a digital file that lists accounts and money like a ledger. A copy of this file is maintained on every computer in the Bitcoin network. The Bitcoin system is amazingly designed so that no trust is needed--special mathematical functions protect every aspect of the system. The rest of this entry will explain in detail how Bitcoin allows such a group of strangers to manage each other’s financial transactions." Continue reading →

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